Parkmead lifts overall reserves 19% with new North Sea deals

The Aberdeen-based company has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea to 60.05%, which it says has lifted 2P reserves 19% to 27.9m barrels of oil equivalent

Oil and gas explorer Parkmead Group says its proven and probable oil reserves have grown 19 per cent from securing larger stakes in two North Sea oil fields it operates.

The Aberdeen-based company has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea to 60.05 per cent.

The Perth and Dolphin fields, which are both operated by Parkmead, form the core of the group's major Perth-Dolphin-Lowlander (PDL) oil hub project.

The value of the transaction is not disclosed, though Parkmead said the transaction has increases its total proved and probable (2P) reserves from 23.5 million to 27.9 million barrels of oil equivalent.

The group said Polecat and Marten have high value potential given their close proximity to PDL and the potential to jointly developed the fields as part of the Greater PDL Area project.

Parkmead said: “The development of the Perth, Dolphin and Lowlander fields as a single project would create valuable economies of scale, by using the same dedicated production facilities, whilst providing a new long-term hub for other future projects in the area.

“The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million barrels.

“It is expected that recoverable reserves from the PDL oil hub development will be over 80 million barrels of oil, which is double the initial recoverable reserves of the Perth field as a standalone project.”

Parkmead executive chairman, Tom Cross, said: “We are delighted to have increased our stake in the Perth and Dolphin oil fields, which significantly increases Parkmead's oil reserves by some 19 per cent.

“This growth step strengthens Parkmead's asset base in the centre of the Company's major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea.

“Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands.”